PUBLISHER: Inkwood Research | PRODUCT CODE: 1069195
PUBLISHER: Inkwood Research | PRODUCT CODE: 1069195
The Asia-Pacific biomaterials market is expected to rise with a CAGR of 14.01% during the forecast period, 2022-2030. The rising urbanization, steady population growth, and the presence of multiple small and medium businesses (SMBs) are driving the market growth in the region.
The Asia-Pacific biomaterials market growth assessment includes the analysis of Vietnam, India, South Korea, Thailand, China, Japan, Indonesia, Australia & New Zealand, and Rest of Asia-Pacific. There is a large prevalence of orthopedic disorders, cardiovascular diseases, and road accidents in India due to the large population base. As a result, there is a high demand for surgical procedures involving bone graft substitutes and bone transplants. The prevalence of cardiac disorders and the increasing number of pacemaker procedures in India are expected to drive the biomaterials demand during the forecast period.
Moreover, the South Korean Ministry of Energy launched a coexistent development committee in 2019 that would be responsible for the growing activities of the Biomaterials industry of South Korea. This committee consists of 20 individuals from various industries, research firms, and academic backgrounds. The country is also focusing on improving the R&D of Biomaterials producing technologies artificial intelligence, thereby leveraging the growth opportunities of the biomaterials market.
Further, the Indonesian government has set policies and clear roadmaps to ensure medical devices' availability and distribution. These initiatives have also increased the demand for biomaterials in Indonesia, contributing to the Indonesia biomaterial market growth.
Some of the eminent market players in the region include: Collagen Solutions PLC, Mitsubishi Chemical Holdings Corporation, Covestro AG, Evonik Industries, Dentsply Sirona, etc.